Sasol Integrated Report 2024 - Book - Page 136
INTRODUCTION
ABOUT SASOL
STRATEGIC OVERVIEW
BUSINESSES
ESG
REMUNERATION REPORT
DATA AND ASSURANCE / ADMINISTRATION
PART I: REMUNERATION AT A GLANCE
Our Remuneration Policy
Our Remuneration Policy supports the
implementation of Sasol’s strategy as this
translates into the key priority areas. A culture
that is high-performing, sustainable, and
values-driven continues to be a primary goal.
The design of the policy aims to balance the
requirements for cost containment, risk
management, and value creation for stakeholders
through the design of appropriate, marketaligned rewards.
In FY24, changes made included the:
• reduction from 35% to 30% of the long-term
incentives in the form of restricted share
awards with a five-year vesting period to
Executive Directors and Prescribed Officers;
• revision of targets applicable to short-term
and long-term incentive awards to align with
key priorities for our next financial year(s);
Principles of our Remuneration Policy
• the approval and implementation of the
2023 Executive Compensation Recovery
Policy relating to the Securities and Exchange
Commission Executive Recovery provisions
for erroneously awarded incentive-based
compensation (Section 10D of the Securities
Exchange Act of 1934 and the updated
NYSE listings requirements).
The Committee has for some time been
tracking vertical and horizontal pay gaps
across race and gender groups. We have
done so in all locations where we employ
more than 250 employees to ensure that
our remuneration processes are free from
systemic discrimination.
The disclosure of pay gaps, in alignment with
the requirements of the Companies Amendment
Act 2024, is included in this report.
• application of the fatality penalty in the shortterm incentive plan to all employees globally
and not only to the Group executive and the
employees in the business unit where the
fatality occurred; and
• Reward is a cornerstone of our Employee
Value Proposition (EmpVP) and is well
integrated with the total employment offering.
• Executive remuneration has a strong link
to shareholder interests, particularly through
the design of variable pay structures.
• We strive to offer all employees a balanced
mix of remuneration programmes benchmarked
against the market median with actual
distribution around the median based on
performance, competence, and scarcity
of skills.
• In setting incentive metrics, we consider
value drivers which are mostly within
management’s control, particulary in the STI
targets, ensuring financial performance which
results in positive free cash flow and progress
on our Environmental, Social, and Governance
(ESG) metrics.
• We are committed to fair, equitable and
transparent remuneration practices supporting
recognition of equal pay for work of equal
value.
• Entry-level salaries are either determined by
the Company, or negotiated through collective
bargaining processes. These are higher than
what is considered a living wage for each
jurisdiction and is enhanced by benefits offered
under our employee value proposition.
• The remuneration mix depends on the position
in the organisational structure as well as
market practices in the relevant geography.
OUR REMUNERATION PHILOSOPHY
To attract and motivate qualified, skilled, and engaged employees
to work towards achieving the Group’s strategic objectives in
a values-driven manner and to responsibly and sustainably
create stakeholder value.
We implement fair, equitable and responsible pay
practices which are free from discrimination
and substantiated through the principles set
out in our Remuneration Policies.
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• Appropriate approval processes are in place
to prevent conflicts of interest and to mitigate
risks that may unintentionally result from
our remuneration programmes.
• The Committee is empowered to intervene in
situations where formulaic outcomes appear
to be inappropriate, not aligned with business
performance, and those circumstances have
been unduly influenced by factors outside
management’s control.
